Zacks Investment Research upgraded shares of Beacon Roofing Supply Inc. (NASDAQ:BECN) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

According to Zacks, “Beacon Roofing raised its revenue guidance to the range of $4.2–$4.3 billion and EPS guidance range to $2.05–$2.15 for fiscal 2016. Further, full–year gross margin is projected to be roughly 24%, boosted by the benefits from product cost and mix. The company remains optimistic about fourth-quarter fiscal 2016 performance driven by its focus on executing the fundamentals of customer service, cash generation, cost control and sustained synergy attainment with RSG acquisition. These are well reflected in the company’s positive record of earnings surprises in recent quarters. However, Beacon Roofing’s performance will be hurt by seasonality in business. Lower oil prices, softness in the general market, volatile exchange rates and intense competition also remain headwinds.”

Separately, Wedbush reaffirmed a neutral rating and issued a $50.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, September 6th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $48.44.

Shares of Beacon Roofing Supply (NASDAQ:BECN) traded down 1.002% during mid-day trading on Friday, hitting $46.925. 136,005 shares of the stock traded hands. The company has a market cap of $2.80 billion, a P/E ratio of 36.920 and a beta of 1.33. Beacon Roofing Supply has a 12 month low of $32.24 and a 12 month high of $48.96. The firm has a 50 day moving average of $42.93 and a 200 day moving average of $44.12.

In other news, Director Carl T. Berquist bought 5,000 shares of the firm’s stock in a transaction on Wednesday, September 7th. The shares were bought at an average cost of $44.81 per share, for a total transaction of $224,050.00. Following the acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $224,050. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul Isabella sold 45,000 shares of the business’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $46.31, for a total transaction of $2,083,950.00. Following the completion of the transaction, the chief executive officer now owns 155,414 shares in the company, valued at $7,197,222.34. The disclosure for this sale can be found here. 1.15% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of BECN. Glenmede Trust Co. NA raised its position in Beacon Roofing Supply by 2.8% in the second quarter. Glenmede Trust Co. NA now owns 3,151 shares of the company’s stock valued at $143,000 after buying an additional 86 shares during the last quarter. Principal Financial Group Inc. raised its position in Beacon Roofing Supply by 1.5% in the third quarter. Principal Financial Group Inc. now owns 11,707 shares of the company’s stock valued at $493,000 after buying an additional 176 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Beacon Roofing Supply by 0.8% in the second quarter. O Shaughnessy Asset Management LLC now owns 24,376 shares of the company’s stock valued at $1,108,000 after buying an additional 188 shares during the last quarter. Blair William & Co. IL raised its position in Beacon Roofing Supply by 2.4% in the second quarter. Blair William & Co. IL now owns 8,257 shares of the company’s stock valued at $375,000 after buying an additional 190 shares during the last quarter. Finally, Aperio Group LLC increased its stake in Beacon Roofing Supply by 3.0% in the third quarter. Aperio Group LLC now owns 9,988 shares of the company’s stock worth $420,000 after buying an additional 295 shares during the period.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc is a distributor of residential and non-residential roofing materials in the United States. The Company operates in the wholesale distribution of building materials segment. The Company distributes other complementary building materials, such as waterproofing systems for residential and non-residential building exteriors.